Multi-State Cooperative Societies (Amendment) Bill, 2022

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Overview:

The Union Cabinet has approved the Multi-State Cooperative Societies (Amendment) Bill, 2022.

About:

  • It seeks to amend the Multi-State Cooperative Societies Act, 2002. 
  • The Bill will incorporate the provisions of the 97th Constitutional Amendment.
  • The amendments have been introduced to improve governance, reform the electoral process, strengthen monitoring mechanisms and enhance transparency and accountability.
  • The Bill also seeks to improve the composition of board and ensure financial discipline, besides enabling the raising of funds in the multi-state cooperative societies.
  • It has included provisions relating to representation of women and Scheduled Caste/Scheduled Tribe members on the board of multi-state cooperative societies.
  • It has provisions for setting up of Cooperative Election Authority, Cooperative Information Officer and Cooperative Ombudsman.
  • There will also be a provision for issuing non-voting shares in multi-state co-operative societies to help them raise funds.

 

Multi-State Co-operative Societies Act, 2002

  • The Multi-State Co-operative Societies Act, 2002 was enacted with a view to facilitating democratic functioning and autonomous working of multi-state co-operative societies in line with the established co-operative principles.
  • India has more than 1,500 multi-State co-operative societies serving as an important tool to promote economic and social betterment of their members based on the principles of self-help and mutual aid.

 


Source : All India Radio